Kenyan start-up mTek raises USD 3 million to expand into the local market

mTek, a Kenyan insurtech and digital insurance start-up, has raised USD 3 million in funding from Finclusion Group, an Africa-focused fintech platform. These resources should allow the company to ensure its development on the local market but also to expand its customer portfolio.

The two entities hope to carry out a cooperation which will have the mission of increasing the penetration of digital insurance in Kenya and other African countries in the near future.

“Thanks to this investment, we will be able to begin our expansion in Kenya through 25 branches of the Finclusion group where we will offer training to agents. The investment will help us create fully digital, market-ready insurance offerings that will be both easily accessible and affordable for the uninsured. We hope to be able to expand further in six African countries over the next two years,” said Bente Krogmann, CEO of mTek.

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Launched in 2020, mTek has seen a great evolution over the past couple of years. The insurtech has partnered with more than 35 Kenyan underwriters to offer its clients quality insurance services.

According to its forecasts, the structure plans to reach one million users thanks to its innovative insurance offer by 2024.

Source: Financial Afrik